SPX remains vulnerable at current levels

US equities are showing signs of a pullback, as overbought studies promote selling pressure above the 2261.75 projection at 2277.53.

A corrective pullback is now unfolding, with prices poised to break below the 2232, (23.6%) retracement of the November-December rally towards further support at 2200/04. Risk, however, is for a close below the 2180/86 area, with congestion around 2150 to then attract, as currently positive investors move to a cautious stance.

An unexpected close above 2277~, however, will confirm continuation of the November rally, with subsequent focus then turning to 2300/02.